The price of Litecoin traded further and exceeded the resistance of $ 50 against the US dollar. LTC / USD could continue to rise towards $ 53.00.
Key points of conversation
- The price of Litecoin is slowly moving higher and has recently broken the resistance of $ 50.00 (Kraken data feed) against the US dollar.
- The key bearish trend line highlighted yesterday was surpassed with resistance to $ 50.20 on the hourly chart of the LTC / USD pair.
- The LTC price is currently positioned well above the $ 50.00 level and the 100-hour SMA.
Pricing of Litecoin prices
After trading at $ 47.86, the litecoin price started a decent upward move against the US dollar. The LTC / USD pair broke the resistance of $ 49.00, began to consolidate gains and eventually made another move.
Looking at the chart, the LTC price started a short-term correction from a low of $ 50.20. He corrected some points, but the $ 49.40 level worked as decent support. As a result, there was another upward move and the price broke the resistance of $ 50.00.
There was also a closing above the resistance of $ 50.00-50.20 and the simple moving average of 100 hours. In addition, the key bearish trend line highlighted yesterday was surpassed with resistance at $ 50.20 on the hourly chart of the LTC / USD pair.
The pair traded up to $ 50.89 recently and currently corrects the lowest level. It seems that the same broken trend line is now acting as a support near the $ 50.50 level. The next support is close to the Fib retracement level of 23.6% from the recent wave from $ 47.86 low to $ 50.89 high.
However, the main downside support is close to the $ 49.40 level and the simple 100-hour moving average. Furthermore, the 50% retracement level of recent wave fiber from the minimum of $ 47.86 to $ 50.89 is close to $ 49.40.
Therefore, if the litecoin price corrects lower, it is likely that you find a support near the levels of $ 50.00 and $ 49.40. On the upside, a break above the resistance of $ 51.00 could open the door to a drag towards the $ 53.00 resistance.
Market data is provided by TradingView.